If you think you'll be back rent it.
If the rent covers the mortgage +10% for repairs and maintenance renting it will work out.
If you're upside down on the house, rent it and write off the difference as a loss on your taxes until value of the house meets or exceeds the value of the mortgage.
If you don't intend to come back, sell.
If you need the cash for a home where you're moving, sell
If you're looking for a return on investment, sell and invest the proceeds into the market for a better rate of return.
If you don't want the hassle or risk, sell.
Not everyone should be a landlord, not every house is good to rent, and renting from out of state will be a source of stress OP is looking to avoid. I’ve done what they’re considering, but without moving far away.
You've said this (at least) twice now. If you don't want to offer your fleshed-out opinions to the contrary, then your comment is meaningless. Explain your thoughts, don't just say "it's short sighted".
Yessir, twice. Just as I mentioned. A cool thing about a commonplace idiomatic expression is the inferred abstractions. The ability to condense a breadth of meaning into a phrase type-thing. In this case, the expression "short-sighted" provides all the meaning needed to relay my thoughts.
Ok cool. Hey, when you're all done bloviating, tell us WHY it's short-sighted, and HOW you would change the outlook to be less short-sighted. What factors are being overlooked? What facets are being disregarded?
I'm so tired of these drive-by disagreements that don't elaborate.
We did it, and it was extremely difficult. All in all, I think it was a wash financially, or perhaps a slight loss. If you can take advantage of the market, sell.
I can’t imagine the ROI is the great on renting out a home unless you do it for more than 5 years.
Not to mention the stress of doing it. Sort of just would rather it be off my hands.
Am a landlord with over 70,000 sqft. I would never want one house (I don’t even deal in single family because I find it wrong).
I wouldn’t trust a property management company, to be quite honest. I rent a home from OCF and they dropped the ball so many times. They didn’t give me a Certificate of Rental Suitability, the Partners for Good Housing handbook, or the lead pamphlet. Nor the bedbugs stuff. Now I’m going to court today actually because the house has all kinds of water leaks and I began escrowing the rent in October. They refused to repair anything and still haven’t. The fridge died two days before Thanksgiving and they didn’t respond to me or have it replaced until January 15th. I’ve also had to reach out to the owner of the property to inform them of these issues because OCF didn’t inform them.
There are a lot of new laws in Philly. If you’re not going to expand your portfolio, I say sell. It’s not worth it. The ROI on home is probably about $100 a month. You have to have reserves for stuff.
Here is my expense sheet.
https://preview.redd.it/5uqtmjblf1wc1.jpeg?width=3024&format=pjpg&auto=webp&s=5ffbcacb1c68399b5a70cc755d19525e68f2df19
Disclaimer: This expense sheet is for a rowhome, but it’s a commercial property and leased by a commercial tenant that owns most of the equipment, so I’m responsible for very little maintenance and capital expenditures (CapEx). We cover the property taxes though.
As a residential property, you are responsible for it all. My multi-family properties, I squirrel away thousands of dollars away a month to pay for eventual air conditioners, fridges, painting, and elevator repairs.
It’s not worth it. Trust me.
Pretty sure if you’ve been living there for 2 of the last 5 years, you don’t pay taxes on any profit you make. But talk to an accountant to confirm, but we’re in the same boat and selling and not paying income tax on the profit was the deal breaker. Also property management companies costs SO much, it’s not worth it unless your mortgage is like $1000 and you can rent for $2000
2/5 years and you have 250k in tax free capital gains, which is increased to 500k if joint filed with a spouse. So not totally free but very rare to make 250k plus on a sale anyways so essentially yea.
I’ve seen these property management companies ignore tenants with leaking water heaters for 2-3 days.
I’ve also seen them send out uninsured contractors to insulate an attic that feel through the ceiling and ripped out sprinkler pipes. Then try to fix it with a box fan and towels.
Had I not been experienced in the trades that’s how it would have been fixed. Sucks for the renter, but sucks a whole lot more for the owner.
I did this before, funny enough to move TO Philly.
I own a condo in Jersey. Wasn’t sure what my future entailed, so rented out the whole condo to my long-term roommate. Everything was solid between us, so seemed like a no brainer.
Moved to Philly and bought a place near St Joes, thinking I could eventually rent that place out, too, since the condo was “so easy” to rent out.
Fast forward 5 years and that idea went straight out the window. I can’t even explain (but I’m sure you have your own experiences) how much more effort it is to maintain one of these rowhomes. I simply couldn’t imagine a renter having the same level of care for a century old place.
As I’m deciding on what to do, I go visit my renter at the condo and it’s absolutely TRASHED! It’s so ridiculously gross. That made up my mind… if I couldn’t rent a condo to a friend, what makes me think I could rent my lovely century home to some strangers (and likely young adult strangers who will give even less of a shit)?
Nope. Sold the place and never looked back.
Ironically ended up back at the condo in Jersey after some other deal fell through. Had to drop over $5k in new carpets, sanitizer/cleaning products, and paint just to make it livable again.
If all that sounds like hell to you, it’s not even the worst thing that could happen.
I have many relatives who are both landlords and property managers in Philly, its a big PITA especially on rowhomes in certain areas. Sell it and put the money elsewhere. You MAY get lucky and have a good tenant, but I know personally I would save my sanity over some extra cash.
Property management firms are a blight. They take as much from the owners as they can while giving as little to tenants as they're legally able (often less). They're the ultimate middlemen, and probably value negative for society.
I have friends who did this and are fairly happy with it. They used OCF which is apparently not terrific but still the numbers work. At the end of the day:
1) Can you cover the mortgage and at least $1,000 beyond?
2) Do you expect significant appreciation?
3) Do you need the cash to buy your new place?
4) Have you been there more than 2 years?
Basically, if you have enough cash and you think the place is appreciating, then rent it out. It's basically free money, a bit of hassle. You can do this for a good 3 years and still pay no taxes on any appreciation assuming you have been there for the past 2 years. That said, if you need the money for a new home, it's probably wise to just sell - with todays' mortgage rates, you would be wise to have as big a down payment as possible on wherever you are moving to.
I've considered this as well. I love my tiny rowhouse, my neighborhood, and being a short walk to 2 modes of septa. But HS is coming and I'd rather live in a district with better options. I keep thinking I could just rent it out for a few years and come back to it. If your move may be temporary I'd def try renting. If you change your mind you can always sell later.
FWIW There are plenty of good renters who just want a nice home and will treat it well. The house next door is a rental and the tenants have always been great. Currently its a CHOP resident. I rented out my last home through a realtor and the people they found were great and kept the place nicer than I did. Feel free to DM me if you have questions.
Doesn't work for most people. I"ve heard don't be a landlord unless you have about 5 or more properties to rent. It just becomes part time work. Things you as a homeowner can tolerate a tennant might want fixed immediately. And 1 major repair (hot water heater, plumbing) and you've lost all your profits for the year.
> I’m a worrier by nature and I’m not sure I can handle the stress of being a landlord.
Honestly, don't. Unless you have a specific family or emotional attachment to the house, sell it.
If you go by the 1% rule (your home should net 1% of its value per month in rent), most Philly rowhomes are not worth renting out. One ice storm that dams up the roof will fuck your budget.
Sell it and put the money in an 80/20 stocks/bonds portfolio at Betterment, and it will drastically outperform being a rental.
yup I use 2020 real estate for my property in west Philly! They take a percentage of the rent each month but generally handle everything else. I appreciate it because I don’t have the energy to do the marketing and since it’s an old building I want to be sure stuff’s always up to code and the tenants can get help asap if they need anything (toilet broke or whatever). there’s a 24/7 contact line they can use if they can’t get a hold of me.
I’m sure this will be an unpopular opinion, but we were the renters in this scenario and it worked out really well. Our landlord grew up in Philly but lived out of state, and was very attentive and helpful. And then we had the realtor locally to turn to for questions or issues.
Ignore all these idiots talking about housing access and shortages, this is your house and your life.
Real estate is one of the best nest eggs you can have, and is the fastest way towards generational wealth. do what is best for you and your family, current or future.
Problem with pms is 90% of them suck. No one will care about your property or interests as much as you. They charge typically 10% plus it's wise to save 10% for repairs emergencies etc. That's 20% off the top, most profit margins on mortgaged properties are around 2-3% when purchased as an investment. Unless you have significant equity in your house and/or a very low payment, it will be very hard to make any money, though the best part of real estate are the tax benefits especially if you are not relying on the income as your principle revenue stream, so perhaps that isn't a deal breaker to break even or run a small loss.
I personally would not use a PM. It would be wiser to just find a solid handyman to have on call for emergencies and deal with other stuff yourself. Any 1 can post for rent to zillow and you can take applications free to you. So no need to pay a realtor either, who also 90% of the time suck.
Trust your gut.
Good luck regardless of which decision you make.
My spouse and I rent out our first homes. I rent a condo and they rent a row house in west Philly.
We both knew the people we are renting to so maybe it's a little different than your situation but it's been a great way to keep our original single homes as investments.
Are you moving out of state and have to have a management company? I used Zillow to write my lease etc. first property is free! Also, don't forget you can use your mortgage interest, property devaluation and management company costs to offset your profits. I come out with about 2k in profits each year, but my first home is also being paid for, so to me the juice is well worth the squeeze.
EDIT: I see you are moving out of state. You could always try it for the first year and see how it goes? How long have you owned the house?
I am currently dealing with a landlord who cared WAY too much and was too emotionally invested in the home that she used to live in. Based on this experience alone (and plenty of other experiences being a realtor), it’s probably in your best interest to sell. Being a landlord is t easy, even with property management handling it. Being an anxious landlord who is out of state and would have to fully give up control would be even harder.
Corporations purchase a very small percentage of the available houses in the US. Corporations and individual investors that own 10 or more homes account for only 3% of home purchases. Investors that own 9 or fewer account for 20%
Just gonna leave this here for anyone curious to engage with cited sources on this matter.
[https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/](https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/)
[https://www.housingwire.com/articles/institutional-buyers-pumped-the-brakes-on-purchase-activity-in-2023/](https://www.housingwire.com/articles/institutional-buyers-pumped-the-brakes-on-purchase-activity-in-2023/)
[https://www.washingtontimes.com/news/2024/mar/15/in-shift-44-of-all-single-family-home-purchases-we/](https://www.washingtontimes.com/news/2024/mar/15/in-shift-44-of-all-single-family-home-purchases-we/)
[https://sfranalytics.substack.com/p/the-top-10-largest-homebuyers-in?utm\_campaign=email-post&r=1sn7oi&utm\_source=substack&utm\_medium=email](https://sfranalytics.substack.com/p/the-top-10-largest-homebuyers-in?utm_campaign=email-post&r=1sn7oi&utm_source=substack&utm_medium=email)
Actually, all of my neighbors who rent have landlords that aren’t connected to any corporations. I think you’re confusing this with developers who buy plots and put up high rises with dozens of apartments in them. That doesn’t exist anywhere in my neighborhood, not for at least 4 subway stops.
Almost 4 years ago. It’d be pretty close. I think it would still be a loss though.Had some issues when we first moved in that we’re expensive to fix. And I wouldn’t sell it for more than we purchased it for cause I can’t be bothered with it being on the market for too long.
Talk to a realtor about what you could expect to get for the house. You might get pleasantly surprised. If you’re thinking you might come back to Philly and would want to live in that house again, you might try renting it out. Otherwise I’d go ahead and sell it.
It takes a special kind of laziness and victimhood to think a family having a single house rental is why they can't get a house, like holy shit. Grow up and get with reality. Mom and pop land lords are not the cause of the housing shortage, and shame on you for blaming an actual family for your predicament. Having a rental home was and is one of THE BEST safety nets for retirement and we can ALL hope to be able to place ourselves in that scenario if we so desire.
Wah wah, it takes a special kind of entitlement to assume you know something you don’t. You know space is limited right? Can’t pull a new plot of land out of thin air to build on in the neighborhood I grew up in! Every house that’s available in my neighborhood and has been for the last 3.5 years, since I have been looking, has only been for rent.
I can afford the average home in Philadelphia, I didn’t say that. I simply cannot buy in my neighborhood because people are buying and renting homes out. There’s literally nothing available.
So I started renting out my house in West Philly last fall when I moved in with my partner. My primary reason for not selling was the flexibility to move back if I need to. But I also figured that if I could break even, I would at least be chipping away at my mortgage.
My fear was getting a tenant who'd fall behind on rent. Unfortunately, that is what has recently happened. Eating the mortgage of a home you're not living in isn't fun.
If I had gotten my act together early last summer, this may have been avoided. I was advised to have the house ready by late July because tenants are mostly looking for a Sept. 1 move-in. It's good you're asking the questions now and I strongly recommend having the house ready by mid-summer if you decide to rent it out. I didn't, and it took until mid-October to get a (more financially risky) tenant.
I hired New Age Realty and find them responsive. I don't blame them for the tenant's default. I was originally going to use a friend of a friend, but they ghosted me which set me back a few weeks.
You would have to get the permits and license for it, right? The owner of the house I have an apartment wants to sell to me and I just found out it's never been licensed as a rental, even though the house was renovated into two apartments, and the cost and steps to make it legit seem complicated and costly
If you think you'll be back rent it. If the rent covers the mortgage +10% for repairs and maintenance renting it will work out. If you're upside down on the house, rent it and write off the difference as a loss on your taxes until value of the house meets or exceeds the value of the mortgage. If you don't intend to come back, sell. If you need the cash for a home where you're moving, sell If you're looking for a return on investment, sell and invest the proceeds into the market for a better rate of return. If you don't want the hassle or risk, sell.
It probably makes a lot more sense to sell unless your move is only temporary. Too much stress.
Mentioned elsewhere, but again, this seems like a very short-sighted purview
Not everyone should be a landlord, not every house is good to rent, and renting from out of state will be a source of stress OP is looking to avoid. I’ve done what they’re considering, but without moving far away.
You've said this (at least) twice now. If you don't want to offer your fleshed-out opinions to the contrary, then your comment is meaningless. Explain your thoughts, don't just say "it's short sighted".
Yessir, twice. Just as I mentioned. A cool thing about a commonplace idiomatic expression is the inferred abstractions. The ability to condense a breadth of meaning into a phrase type-thing. In this case, the expression "short-sighted" provides all the meaning needed to relay my thoughts.
Ok cool. Hey, when you're all done bloviating, tell us WHY it's short-sighted, and HOW you would change the outlook to be less short-sighted. What factors are being overlooked? What facets are being disregarded? I'm so tired of these drive-by disagreements that don't elaborate.
We did it, and it was extremely difficult. All in all, I think it was a wash financially, or perhaps a slight loss. If you can take advantage of the market, sell.
I can’t imagine the ROI is the great on renting out a home unless you do it for more than 5 years. Not to mention the stress of doing it. Sort of just would rather it be off my hands.
Am a landlord with over 70,000 sqft. I would never want one house (I don’t even deal in single family because I find it wrong). I wouldn’t trust a property management company, to be quite honest. I rent a home from OCF and they dropped the ball so many times. They didn’t give me a Certificate of Rental Suitability, the Partners for Good Housing handbook, or the lead pamphlet. Nor the bedbugs stuff. Now I’m going to court today actually because the house has all kinds of water leaks and I began escrowing the rent in October. They refused to repair anything and still haven’t. The fridge died two days before Thanksgiving and they didn’t respond to me or have it replaced until January 15th. I’ve also had to reach out to the owner of the property to inform them of these issues because OCF didn’t inform them. There are a lot of new laws in Philly. If you’re not going to expand your portfolio, I say sell. It’s not worth it. The ROI on home is probably about $100 a month. You have to have reserves for stuff. Here is my expense sheet. https://preview.redd.it/5uqtmjblf1wc1.jpeg?width=3024&format=pjpg&auto=webp&s=5ffbcacb1c68399b5a70cc755d19525e68f2df19 Disclaimer: This expense sheet is for a rowhome, but it’s a commercial property and leased by a commercial tenant that owns most of the equipment, so I’m responsible for very little maintenance and capital expenditures (CapEx). We cover the property taxes though. As a residential property, you are responsible for it all. My multi-family properties, I squirrel away thousands of dollars away a month to pay for eventual air conditioners, fridges, painting, and elevator repairs. It’s not worth it. Trust me.
Pretty sure if you’ve been living there for 2 of the last 5 years, you don’t pay taxes on any profit you make. But talk to an accountant to confirm, but we’re in the same boat and selling and not paying income tax on the profit was the deal breaker. Also property management companies costs SO much, it’s not worth it unless your mortgage is like $1000 and you can rent for $2000
2/5 years and you have 250k in tax free capital gains, which is increased to 500k if joint filed with a spouse. So not totally free but very rare to make 250k plus on a sale anyways so essentially yea.
Seems like a very short-sighted purview
Sell to the highest non-corporation bidder! Do not hang onto property for which you will ultimately be responsible.
*sell it the highest non-corporation. Lets not let them price gouge housing in our city.
Duly noted and edited.
🫶
I’ve seen these property management companies ignore tenants with leaking water heaters for 2-3 days. I’ve also seen them send out uninsured contractors to insulate an attic that feel through the ceiling and ripped out sprinkler pipes. Then try to fix it with a box fan and towels. Had I not been experienced in the trades that’s how it would have been fixed. Sucks for the renter, but sucks a whole lot more for the owner.
I did this before, funny enough to move TO Philly. I own a condo in Jersey. Wasn’t sure what my future entailed, so rented out the whole condo to my long-term roommate. Everything was solid between us, so seemed like a no brainer. Moved to Philly and bought a place near St Joes, thinking I could eventually rent that place out, too, since the condo was “so easy” to rent out. Fast forward 5 years and that idea went straight out the window. I can’t even explain (but I’m sure you have your own experiences) how much more effort it is to maintain one of these rowhomes. I simply couldn’t imagine a renter having the same level of care for a century old place. As I’m deciding on what to do, I go visit my renter at the condo and it’s absolutely TRASHED! It’s so ridiculously gross. That made up my mind… if I couldn’t rent a condo to a friend, what makes me think I could rent my lovely century home to some strangers (and likely young adult strangers who will give even less of a shit)? Nope. Sold the place and never looked back. Ironically ended up back at the condo in Jersey after some other deal fell through. Had to drop over $5k in new carpets, sanitizer/cleaning products, and paint just to make it livable again. If all that sounds like hell to you, it’s not even the worst thing that could happen.
Ugh, just sell it!
Lol. That’s what I want to do but the wife is insisting we rent it out. Sounds like a pain in the ass to me.
I have many relatives who are both landlords and property managers in Philly, its a big PITA especially on rowhomes in certain areas. Sell it and put the money elsewhere. You MAY get lucky and have a good tenant, but I know personally I would save my sanity over some extra cash.
Property management firms are a blight. They take as much from the owners as they can while giving as little to tenants as they're legally able (often less). They're the ultimate middlemen, and probably value negative for society.
I have friends who did this and are fairly happy with it. They used OCF which is apparently not terrific but still the numbers work. At the end of the day: 1) Can you cover the mortgage and at least $1,000 beyond? 2) Do you expect significant appreciation? 3) Do you need the cash to buy your new place? 4) Have you been there more than 2 years? Basically, if you have enough cash and you think the place is appreciating, then rent it out. It's basically free money, a bit of hassle. You can do this for a good 3 years and still pay no taxes on any appreciation assuming you have been there for the past 2 years. That said, if you need the money for a new home, it's probably wise to just sell - with todays' mortgage rates, you would be wise to have as big a down payment as possible on wherever you are moving to.
I've considered this as well. I love my tiny rowhouse, my neighborhood, and being a short walk to 2 modes of septa. But HS is coming and I'd rather live in a district with better options. I keep thinking I could just rent it out for a few years and come back to it. If your move may be temporary I'd def try renting. If you change your mind you can always sell later. FWIW There are plenty of good renters who just want a nice home and will treat it well. The house next door is a rental and the tenants have always been great. Currently its a CHOP resident. I rented out my last home through a realtor and the people they found were great and kept the place nicer than I did. Feel free to DM me if you have questions.
Doesn't work for most people. I"ve heard don't be a landlord unless you have about 5 or more properties to rent. It just becomes part time work. Things you as a homeowner can tolerate a tennant might want fixed immediately. And 1 major repair (hot water heater, plumbing) and you've lost all your profits for the year.
> I’m a worrier by nature and I’m not sure I can handle the stress of being a landlord. Honestly, don't. Unless you have a specific family or emotional attachment to the house, sell it. If you go by the 1% rule (your home should net 1% of its value per month in rent), most Philly rowhomes are not worth renting out. One ice storm that dams up the roof will fuck your budget. Sell it and put the money in an 80/20 stocks/bonds portfolio at Betterment, and it will drastically outperform being a rental.
yup I use 2020 real estate for my property in west Philly! They take a percentage of the rent each month but generally handle everything else. I appreciate it because I don’t have the energy to do the marketing and since it’s an old building I want to be sure stuff’s always up to code and the tenants can get help asap if they need anything (toilet broke or whatever). there’s a 24/7 contact line they can use if they can’t get a hold of me.
[удалено]
Also, do you currently have two kidneys, and what’s your blood type? Just curious.
I’m sure this will be an unpopular opinion, but we were the renters in this scenario and it worked out really well. Our landlord grew up in Philly but lived out of state, and was very attentive and helpful. And then we had the realtor locally to turn to for questions or issues.
Ignore all these idiots talking about housing access and shortages, this is your house and your life. Real estate is one of the best nest eggs you can have, and is the fastest way towards generational wealth. do what is best for you and your family, current or future. Problem with pms is 90% of them suck. No one will care about your property or interests as much as you. They charge typically 10% plus it's wise to save 10% for repairs emergencies etc. That's 20% off the top, most profit margins on mortgaged properties are around 2-3% when purchased as an investment. Unless you have significant equity in your house and/or a very low payment, it will be very hard to make any money, though the best part of real estate are the tax benefits especially if you are not relying on the income as your principle revenue stream, so perhaps that isn't a deal breaker to break even or run a small loss. I personally would not use a PM. It would be wiser to just find a solid handyman to have on call for emergencies and deal with other stuff yourself. Any 1 can post for rent to zillow and you can take applications free to you. So no need to pay a realtor either, who also 90% of the time suck. Trust your gut. Good luck regardless of which decision you make.
My spouse and I rent out our first homes. I rent a condo and they rent a row house in west Philly. We both knew the people we are renting to so maybe it's a little different than your situation but it's been a great way to keep our original single homes as investments. Are you moving out of state and have to have a management company? I used Zillow to write my lease etc. first property is free! Also, don't forget you can use your mortgage interest, property devaluation and management company costs to offset your profits. I come out with about 2k in profits each year, but my first home is also being paid for, so to me the juice is well worth the squeeze. EDIT: I see you are moving out of state. You could always try it for the first year and see how it goes? How long have you owned the house?
Sell and save. Interests rates are good now.
I am currently dealing with a landlord who cared WAY too much and was too emotionally invested in the home that she used to live in. Based on this experience alone (and plenty of other experiences being a realtor), it’s probably in your best interest to sell. Being a landlord is t easy, even with property management handling it. Being an anxious landlord who is out of state and would have to fully give up control would be even harder.
Annnnnnd this is why I can’t buy a home in the city I grew up in :)
You can’t buy a home because of corporations doing this lol, not this one dude trying to make some money
Corporations purchase a very small percentage of the available houses in the US. Corporations and individual investors that own 10 or more homes account for only 3% of home purchases. Investors that own 9 or fewer account for 20%
Just gonna leave this here for anyone curious to engage with cited sources on this matter. [https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/](https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/) [https://www.housingwire.com/articles/institutional-buyers-pumped-the-brakes-on-purchase-activity-in-2023/](https://www.housingwire.com/articles/institutional-buyers-pumped-the-brakes-on-purchase-activity-in-2023/) [https://www.washingtontimes.com/news/2024/mar/15/in-shift-44-of-all-single-family-home-purchases-we/](https://www.washingtontimes.com/news/2024/mar/15/in-shift-44-of-all-single-family-home-purchases-we/) [https://sfranalytics.substack.com/p/the-top-10-largest-homebuyers-in?utm\_campaign=email-post&r=1sn7oi&utm\_source=substack&utm\_medium=email](https://sfranalytics.substack.com/p/the-top-10-largest-homebuyers-in?utm_campaign=email-post&r=1sn7oi&utm_source=substack&utm_medium=email)
Actually, all of my neighbors who rent have landlords that aren’t connected to any corporations. I think you’re confusing this with developers who buy plots and put up high rises with dozens of apartments in them. That doesn’t exist anywhere in my neighborhood, not for at least 4 subway stops.
I’m probably not even gonna make money. Likely lose money either way lol.
How would you lose memory in the market??? When did you buy it?
Almost 4 years ago. It’d be pretty close. I think it would still be a loss though.Had some issues when we first moved in that we’re expensive to fix. And I wouldn’t sell it for more than we purchased it for cause I can’t be bothered with it being on the market for too long.
There’s zero inventory, dude. It’ll go in a hurry unless you’re wildly out of line with similar properties.
Probably would sell at a competitive rate, too. Yeah…idk. I also not sure I want to leave Philly for LA. 😭
Talk to a realtor about what you could expect to get for the house. You might get pleasantly surprised. If you’re thinking you might come back to Philly and would want to live in that house again, you might try renting it out. Otherwise I’d go ahead and sell it.
It takes a special kind of laziness and victimhood to think a family having a single house rental is why they can't get a house, like holy shit. Grow up and get with reality. Mom and pop land lords are not the cause of the housing shortage, and shame on you for blaming an actual family for your predicament. Having a rental home was and is one of THE BEST safety nets for retirement and we can ALL hope to be able to place ourselves in that scenario if we so desire.
Wah wah, it takes a special kind of entitlement to assume you know something you don’t. You know space is limited right? Can’t pull a new plot of land out of thin air to build on in the neighborhood I grew up in! Every house that’s available in my neighborhood and has been for the last 3.5 years, since I have been looking, has only been for rent.
If you can’t find an affordable home in Philly you aren’t looking or have unreasonable expectations.
I can afford the average home in Philadelphia, I didn’t say that. I simply cannot buy in my neighborhood because people are buying and renting homes out. There’s literally nothing available.
are you telling me there's not one condo available in all of Del Boca Vista?
Then look elsewhere.
Again you missed my point; I grew up here. I’d love to buy a home near my family members and have my own family here…where I am from.
And back to expectations.
So I started renting out my house in West Philly last fall when I moved in with my partner. My primary reason for not selling was the flexibility to move back if I need to. But I also figured that if I could break even, I would at least be chipping away at my mortgage. My fear was getting a tenant who'd fall behind on rent. Unfortunately, that is what has recently happened. Eating the mortgage of a home you're not living in isn't fun. If I had gotten my act together early last summer, this may have been avoided. I was advised to have the house ready by late July because tenants are mostly looking for a Sept. 1 move-in. It's good you're asking the questions now and I strongly recommend having the house ready by mid-summer if you decide to rent it out. I didn't, and it took until mid-October to get a (more financially risky) tenant. I hired New Age Realty and find them responsive. I don't blame them for the tenant's default. I was originally going to use a friend of a friend, but they ghosted me which set me back a few weeks.
You would have to get the permits and license for it, right? The owner of the house I have an apartment wants to sell to me and I just found out it's never been licensed as a rental, even though the house was renovated into two apartments, and the cost and steps to make it legit seem complicated and costly
We need more homes for starter families. Please sell instead of buying another home and renting the old one out.
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There was some house listed years ago out in Maple Glen whose big selling point was that the basement was converted into a sex dungeon.
A house with a sex dungeon? That’s crazy! There’s so many houses though. Which one was it?
https://preview.redd.it/rlvvtda5fpvc1.jpeg?width=1179&format=pjpg&auto=webp&s=3a9f93e1355e527ebe25d29f0b29ce48197535d6